Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1887-11-05

Gus proportions with such mere pretense
of Government aid? Even without the
requirement OF absolute repayment of the
money subsidy the Government aid was by
no means sufficient to insure success.
What wonder is it, then, that cool-headed
men regarded the prospect as doubtful and
anticipated that still further aid would be
necessary TO carry the work through
What wonder is it that some of the shrew-
dest bnanciers in the country hesitated or
refused TO invest their money in such
hazardous undertaking?
As we turn the time-stained, dingy
pages of the Congressional Globe of quar-
ter of a century ago and read the debates
on the Pacific Railroad bill, we are struck
| with the broad, wise, prudent, and yet gen
erous craftsmanship which then guided
our national affairs. Notwithstanding the
perilous condition of the country the states
men of that day, realizing the vital ma
tional Importance of a transcontinental
railroad, and the almost insurmountable
difficulty of It's construction, were willing
to make every possible concession and sac
rilice consistent with the other great inter-
ests com tilted to their charge, to induce
men cf enterprise to undertake the work.
1t was most critical period in our his
| tory. The smoke Of civil war overspread
the land with hourly deepening gloom.
Mcclellan was engaged in his glorious but
disastrous peninsular campaign. In that
month of June, 1862, when the debate in
the Senate on the Pacific Railroad bill
| took place, occurred those memorable
Seven Days Battles splendid with vic
tory and yet ending in defeat As Senators
leaned from their seats and listened toward
| the South, in the pauses of the debate, they
| could almost hear the boom of cannon
| laundering at the gates of Richmond.
The nation had 100000 men in the field.
its expenses were reekcned at 100000 a
| day. Its notes and bonds were at a heavy
| discount in its own markets. Its credit
was strained to its utmost tension. 1t had
not dollar to spare for any purpose not
national and not of immediate and urgent
necessity. The building of the Pacific
| Railroad was recognized by all as an es-
sential national work. Its necessity was
| admitted by all to be present and pressing.
The necessity of the road had been
brought into startling prominence by a
sinister incident a few months before this
bill was passed, which was mentioned in
the course of the debate. 1t was stated
| that, during the controversy growing out
of the Trent affair" in November. 1861
| when war with England was imminent,
| orders were sent by the British Govern
ment to the commander of her Majesty's
squadron in the Pacific to take possession
of San Francisco Immediately upon dec
laration of war, 1t was realized by all
that if war had come not only San Fran
cisco but the whole Pacific coast must have
succumbed to the British arms before anv
adequate force could have been sent to re-
sist them, and that the English flag would
have tioated over the whole coast from
Russian America to the Mexican line. A
means of speedy communication and trans
| portation of armies, etc, between the At
lantic and the Pacific was thus proven to
be matter of urgent national concern.
In view of these facts, leading Senators
and Representatives were willing to do all
IN their power to secure the prompt con-
struction of this great national highway.
| They were willing to give allnecessary aid
to induce private capital to undertake the
work. They were willing to give literally
of land, for without the road most of the
land proposed to be given was worthless.
They were willing to pledge the national
credit to any reasonable amount and upon
the easiest terms. They would have given
the money outright if it had been neces-
sary and the condition of the national
| finances had admitted of it. As it was.
they were willing to lend the national
credit upon the terms of repayment in
service and in a percentage of net earnings
of the road. They would have done more
| if more had been necessary. The end in
view was to secure the construction of the
road at all hazards, and they were willing
to do whatever was necessary and possible
| to accomplish that end. Actuated as they
were ley these high and patriotic motives,
realizing as they did the difficulty of the
work, and believing, as most of them did
that the success of the road as business
venture would be doubtful at least for a
time after 1t was constructed, they were in
no mood to make Shylock bargain with
| those who should undertake the work and
carry it through.
The extracts of the debates, and from
the proceedings of the two houses on this
original Pacific Railroad bill which we
propose to present in these articles will
make it entirely clear that the views, pur-
| poses and anticipations above indicated
were those which controlled the action OF
| those bodies on this great measure and that
they did not have and could not consist
emily have had, any design or expectation
that payment of these bonds, except in
service and in the percentage of earnings
| mentioned, should or would ever be ex-
acted of the companies concerned. The
bill itself, we think, showed this, but if il
did not, We submit that the intent and I'M
derstanding of Congress upon this point al
! that time, as gathered from the debates
should have great weight now in deter
mining whether or not the Government
shall insist upon absolute payment of the
bonds in full without regard to any of the
equities claimed by the companies.
In endeavoring to ascertain whether Oh
not il was intended or expected by the
Congress which passed the Pacific Railroad
| Act of 1862, that the companies should al
all events pay to the Government the prin
cipal and interest of the bonds authorized
by that Act, otherwise than in the mode
therein specifically provided, we have not
the advantage of express declarations upon
that point from all or any considerable
number of the members OF either House
! Very few Of them expressed any opinions
directly upon that subject. We are com
PEELED, therefore, to rely upon the state.
ments of the views of the few who die
declare themselves upon that point, and OF
| the fact that those views were expressly Oh
taeitly assented to by others.
i In the Senate, besides some briefer occa
sional declarations from others, we have
upon this subject, explicit, direct, clear
and often repeated statements of the opin
ions of one who has always been regarded
as one of the statesmen of widest. farthest
and keenest'view in that body, one espe
cially skilled in dealing with economi,
questions and questions Of finance, having
an extended and accurate acquaintance
1 with railroad Legislation and with the his
tory of railroad enterprises in America
representing constituency largely inter
,ested in enterprises of that sort, and one
who, while he lived, was acknowledged tc
1 become; of the wisest and safest leaders o.
| his iparty-Henry Wilson, of Massachus
etts. He was. one of the earliest and mos
\ devoted friends of the Pacific railroad ir
Congress. He wasfor years before the bill
seof 1862 .gas passed staneh and earnest
i,supporter of every measure for the con-
struction of that great work. which hac
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